Extension of Statutory Audit of Annual Accounts of Public Sector Banks
Posted Date : 26-Mar-2020 , 10:48:05 am | Posted By: CASANSAAR
Department's Letter of even number, dated 10-02-2012 regarding the above subject (copy enclosed for ready reference) is hereby withdrawn.
As per earlier order, Banks has to complete the Statutory Audit of Annual Accounts by 15th May.
This has been withdrawn Now.
NowDue Dates postponed and will be as per SEBI timeline (which has relaxed by a month)
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RBI |
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Deferment of applicability of CARO 2020 to FY 2020-21
Posted Date : 26-Mar-2020 , 10:20:18 am | Posted By: CASANSAAR
S.O.- In the order of the Government of India in the Ministry of Corporate Alfairs number S.O. S49(E), dated the 25ft February,2O2O, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 25tn February, 2O2O, in paragraph "2. Auditor's report to contain matters specified in paragraphs 3 and 4", for the words and figures "1"t April, 2019", the words and figures ul"t April, 2O2O" shall be substituted....
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Corporate Laws |
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Special Measures under Companies Act, 2013 and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak
Posted Date : 26-Mar-2020 , 10:16:11 am | Posted By: CASANSAAR
In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary measures to address the COVID-19 threat, including the economic disruptions caused by it, the following measures have been implemented by the Ministry of Corporate Affairs to reduce their compliance burden and other risks: -...
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Corporate Laws |
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CBIC notifies GSTR-3B with due dates for April 2020 to September 2020
Posted Date : 25-Mar-2020 , 09:51:13 am | Posted By: CASANSAAR
G.S.R...(E).- In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B of the said rules for each of the months from April, 2020 ...
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GST |
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Due date of monthly GSTR-1 for first 6 Months of Year 2020-21
Posted Date : 25-Mar-2020 , 09:50:18 am | Posted By: CASANSAAR
G.S.R......(E). - In exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017, by such class of registered persons having agg...
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Due date of quarterly GSTR-1 for first 2 quarters of Year 2020-21
Posted Date : 25-Mar-2020 , 09:49:49 am | Posted By: CASANSAAR
G.S.R......(E).— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year, as the class of registered persons who shall follow the special procedure as mentioned...
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Due date of Monthly GSTR-3B (July 19 – Sep 19) extended for erstwhile J&K State
Posted Date : 25-Mar-2020 , 09:48:11 am | Posted By: CASANSAAR
G.S.R.....(E).–In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby makes the following further amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No.29/2019 – Cen...
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Due date of Monthly GSTR-3B (Oct 19 – Feb 20) extended for erstwhile J&K State
Posted Date : 25-Mar-2020 , 09:48:06 am | Posted By: CASANSAAR
G.S.R.....(E).–In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby makes the following further amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No.44/2019 – Cen...
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Due date of Monthly GSTR-1 (July 19 to Sep 19) extended for erstwhile J&K State
Posted Date : 25-Mar-2020 , 09:45:51 am | Posted By: CASANSAAR
G.S.R.....(E).–In exercise of the powers conferred by second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Commissioner, on the recommendations of the Council, hereby makes the following further amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No.28/2019 – Central Tax, dated the 28th Jun...
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Due date of Sep-19 Qtr GSTR-1 extended for erstwhile J&K State
Posted Date : 25-Mar-2020 , 09:45:22 am | Posted By: CASANSAAR
G.S.R.....(E).–In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby makes the following amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 27/2019 – Central Tax, dated the 28th June, 2019, published in the Gazette of India, Extraordinary, ...
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Due date of Monthly GSTR-1 (Oct 19 to Feb 20) extended for erstwhile J&K State
Posted Date : 25-Mar-2020 , 09:43:28 am | Posted By: CASANSAAR
G.S.R.....(E).–In exercise of the powers conferred by second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Commissioner, on the recommendations of the Council, hereby makes the following further amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No.46/2019 – Central Tax, dated the 9th Octo...
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Due date to furnish Dec-19 Quarter GSTR-1 extended for erstwhile State of J&K
Posted Date : 25-Mar-2020 , 09:42:53 am | Posted By: CASANSAAR
G.S.R.....(E).–In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby makes the following amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 45/2019 – Central Tax, dated the 09th October, 2019, published in the Gazette of India, Extraordinar...
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Persons other than individuals who must do Aadhaar authentication for GST Registration
Posted Date : 25-Mar-2020 , 09:41:26 am | Posted By: CASANSAAR
G.S.R….(E).- In exercise of the powers conferred by sub-section (6C) of section 25 of the Central Goods and Services Tax Act, 2017 (12 of 2017) , the Central Government, on the recommendations of the Council, hereby notifies the date of coming into force of this notification as the date, from which the -...
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Due date for furnishing GSTR-7 extended for erstwhile State of J&K
Posted Date : 25-Mar-2020 , 09:41:12 am | Posted By: CASANSAAR
G.S.R.....(E).–In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Commissioner hereby makes the following further amendment in notification of the Government of India in the Ministry of Finance (Department of Revenue), No.26/2019 – Central Tax, dated the 28th June, 2019, published in the Gazette of India, Extraordinary,...
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CBIC specifies class of persons exempt from aadhar authentication
Posted Date : 25-Mar-2020 , 09:38:30 am | Posted By: CASANSAAR
G.S.R….(E).- In exercise of the powers conferred by sub-section (6D) of section 25 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby notifies that the provisions of sub-section (6B) or subsection (6C) of the said Act shall not apply to a person who is not a citizen of India or to a class of persons other than the following class of persons, namely:–...
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Aadhaar number authentication must for GST registration wef 01.04.2020
Posted Date : 25-Mar-2020 , 09:38:17 am | Posted By: CASANSAAR
G.S.R….(E).- In exercise of the powers conferred by sub-section (6B) of section 25 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the date of coming into force of this notification as the date, from which an individual shall undergo authentication, of Aadhaar number, as specified in rule 8 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), in order to b...
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Central Goods and Services Tax (Third Amendment) Rules, 2020
Posted Date : 25-Mar-2020 , 09:35:02 am | Posted By: CASANSAAR
G.S.R……(E). - In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-...
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GSTR-9 and GSTR-9C due date extended to 30.06.2020 for FY 2018-19
Posted Date : 25-Mar-2020 , 09:34:10 am | Posted By: CASANSAAR
G.S.R.....(E).– In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with rule 80 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing of the annual return specified under section 44 of t...
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GST |
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Clarification on issues under GST for companies under IBC, 2016
Posted Date : 25-Mar-2020 , 09:31:13 am | Posted By: CASANSAAR
Various representations have been received from the trade and industry seeking clarification on issues being faced by entities covered under Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC”)....
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GST |
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GST - Apportionment of ITC in cases of business reorganization
Posted Date : 25-Mar-2020 , 09:30:23 am | Posted By: CASANSAAR
Representations have been received from various taxpayers seeking clarification in respect of apportionment and transfer of ITC in the event of merger, demerger, amalgamation or change in the constitution/ownership of business. Certain doubts have been raised regarding the interpretation of subsection (3) of section 18 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the CGST Act) and sub-rule (1) of rule 41of the Central Goods and Services Tax Rules, 2017 (hereinafter...
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Priority Sector Lending - Lending by banks to NBFCs for On-Lending
Posted Date : 23-Mar-2020 , 04:54:17 pm | Posted By: CASANSAAR
RBI/2019-20/179
FIDD.CO.Plan.BC.No.19/04.09.01/2019-20
March 23, 2020
The Chairman/ Managing Director
Chief Executive Officer
All Scheduled Commercial Banks
(Excluding Regional Rural Banks & Small Finance Banks)
Dear Sir/ Madam,
Priority Sector Lending - Lending by banks to NBFCs for On-Lending
Please refer to ourCircular No. FIDD.CO.Plan.BC.07/04.09.01/2019-20 dated August 13, 2019advising, inter alia, that the bank loans to registered NBFCs (other than MFIs) for on-lendi...
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Large Exposures Framework - RBI
Posted Date : 23-Mar-2020 , 04:53:35 pm | Posted By: CASANSAAR
RBI/2019-20/178
DOR.No.BP.BC.43 /21.01.003/2019-20
March 23, 2020
All Scheduled Commercial Banks
(Excluding Regional Rural Banks)
Dear Sir/Madam,
Large Exposures Framework
Please refer to ourcircular No.DBR.No.BP.BC.43/21.01.003/2018-19 dated June 03, 2019on the captioned subject.
2. In terms of para 7.13 of the circular, any Credit Risk Mitigation (CRM) instrument (e.g. SBLC/BG from Head Office/other overseas branch) from which CRM benefits like shifting of exposure/ risk we...
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Online procedure to file VSVS has been activated by IT Department
Posted Date : 19-Mar-2020 , 06:04:13 pm | Posted By: CASANSAAR
In exercise of the powers conferred under Rule 8 ofThe Direct Tax Vivad se Vishwas Rules,2020, the Principal Director General of Income Tax (Systems) hereby lays down the following procedures: CLICK HERE FOR NOTIFICATION..........
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Income Tax |
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Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Posted Date : 19-Mar-2020 , 01:34:22 pm | Posted By: CASANSAAR
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 virus pandemic
CLICK HERE FOR SEBI CIRCULAR
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The Direct Tax Vivad Se Vishwas Rules, 2020
Posted Date : 19-Mar-2020 , 09:23:22 am | Posted By: CASANSAAR
The Direct Tax Vivad se Vishwas Act,2020 (VSVS) has been enacted on 17.3.2020.
The Rules alongwith Forms1-5 of VivadSeVishwasScheme2020 have been notified on18.3.2020 vide notification No.18 of 2020.
CLICK HERE FOR NOTIFICATION
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Notification of Designated Authority under the Direct Tax Vivad Se Vishwas Act, 2020
Posted Date : 19-Mar-2020 , 09:06:46 am | Posted By: CASANSAAR
GOVERNMENT OF INDIA MINISTRY OF
FINANCE DEPARTMENT OF REVENUE
PRINCIPAL CHIEF COMMISSIONER OF INCOME TAX
(INTERNATIONAL TAXATION), NEW DELHI.
Dated : 18thMarch, 2020
Notification
Subject: – Notification of ‘designated authority under ‘theDirect Tax Vivad Se Vishwas Act, 2020‘ -reg.
In exercise of the powers under sub-section (1) and (2) of section 120 of the Income-tax Act, 1961 conferred upon me by the Government of India, Central Board of Direct Taxes...
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Income Tax |
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President Assents Direct Tax Vivad se Vishwas Act, 2020
Posted Date : 18-Mar-2020 , 08:53:56 am | Posted By: CASANSAAR
President Assents Direct Tax Vivad se Vishwas Act, 2020 on 17th March, 2020 the Act will help Government to reduce Litigation on Direct Taxes and also offer an Opportunity to Taxpayers to get rid of Litigation by opting this Scheme...
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Income Tax |
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Settlement system under Asian Clearing Union (ACU) Mechanism
Posted Date : 17-Mar-2020 , 09:47:30 pm | Posted By: CASANSAAR
RBI/2019-20/177
A. P. (DIR Series) Circular No. 22
March 17, 2020
To,
All Authorised Dealer Category - I Banks
Madam / Sir,
Settlement system under Asian Clearing Union (ACU) Mechanism
The Board of Directors of ACU have decided to permit Japanese Yen for settling payments among the ACU member countries. Accordingly, clause (a) and (b) of Article IV of the General Provisions of Agreement establishing the Asian Clearing Union have been revised and the Asian Monetary Unit is now ...
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FEMA |
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Issue of Long Term Bonds by Banks – Financing of Infrastructure and Affordable Housing
Posted Date : 17-Mar-2020 , 09:46:49 pm | Posted By: CASANSAAR
RBI/2019-20/176
DOR.No.BP.BC.41/08.12.014/2019-20
March 17, 2020
All Scheduled Commercial Banks
(excluding RRBs)
Madam / Dear Sir,
Issue of Long Term Bonds by Banks – Financing of Infrastructure and Affordable Housing
Please refer to thecircular DBOD.BP.BC.No.25/08.12.014/2014-15 dated July 15, 2014and subsequent circulars on the above subject. Also refer to thecircular DBR.BP.BC.No.42/08.12.014/2016-17 dated December 1, 2016advising that for the purpose of definition of &...
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RBI |
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Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks
Posted Date : 17-Mar-2020 , 09:46:03 pm | Posted By: CASANSAAR
RBI/2019-20/175
DOR.BP.BC.No.42/21.04.141/2019-20
March 17, 2020
All Scheduled Commercial Banks
Dear Sir/Madam,
Prudential Norms for Classification, Valuation and Operation of Investment
Portfolio by Banks – Spreading of MTM losses and creation of
Investment Fluctuation Reserve (IFR)
Please refer to ourcircular DBR.No.BP.BC.102/21.04.048/2017-18 dated April 2, 2018on the captione...
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